Croydon will be linked to London’s financial powerhouse in Canary Wharf within weeks, with the new East London Line extension set to open by the end of May.

The £1bn project will see West Croydon, Crystal Palace and Norwood Junction all linked to the central business district through a direct line to Canada Water, as well as the up-and-coming trendy areas of Shoreditch and Dalston in East London.

Despite three years of complex construction, delays supplying 57 four-carriage trains and the changeover from a Labour to a Conservative Mayor, the line is due to open on time and in-budget.

The new line is hoped to increase jobs and drive businesses into the borough, and is expected to raise house prices near the stations.

Speaking exclusively to the Croydon Guardian last week, London Mayor Boris Johnson said the line would help regenerate some of the most deprived areas in the north of the borough and drive down crime.

He said: “The East London Line is truly wonderful. It will connect Croydon with the whole of East London in the next few months and help to cement Croydon’s status with the economic motor of London.

“People in Croydon can get to work in Canary Wharf in 20 minutes and Shoreditch in just over 15 minutes.

“Croydon has got incredible potential, it is a wonderful place to live. I am a supporter of Croydon as a third city.”

Mr Johnson also revealed he was due to sign-off plans to extend Croydon’s tram system to Crystal Palace as part of his Mayoral Transport Strategy.

He said Croydon Central Parliamentary candidate Gavin Barwell would be joining him in lobbying for funds for the extension following the May 6 election.

He said: “Think of the people you can employ and the jobs you will create.”

The line will form part of the wider London Overground ‘orbital’ rail network, which was designed to enable passengers to travel around the capital without entering central London.

Oyster cards and Freedom Passes for the elderly will be valid on the line, while under-11s can travel for free if accompanied by an adult.